Monday, February 02, 2009

California, the paper state

California taxpayers who are owed a refund on their state tax payments will get an IOU instead. California, the paper state.

Years of blow-the-dough projects, welfare for illegals, and anti-business regulation have left the once-Golden State broke and knocking at Washington's back door asking for handouts. California, the pauper state.

My question is this: If it's legal for California to delay repaying its residents their own money that they unwillingly lent the state, can residents who owe taxes and are down on their luck send IOUs instead of payment?

I live in CA, and I just changed my W-4 so no withholding will be taken out of my paycheck from now on. It seems to me that this new low in CA could lead to taxpayer protests on a large scale, and this is actually the most effective way to clean up the government.

Olympus, where the abode of the gods stands firm and unmoving forever, they say, and is notshaken with windsnor spattered with rains,nor does snow pile ever there, but the shining bright airstretches cloudless away,and the white lightglances upon it.

MONEY

Zero Hedge: Everything you need to confirm your worst fears about the economy.

Market Folly: Learn from the hedge fund titans as they gain, or lose, hundreds of millions.

Charles Hugh Smith: "Consumerism is psychological/spiritual junk food ... well-being is increased by everything that cannot be commoditized by a market economy or financialized by a cartel-state financial machine -- friendship, family, community, self-cultivation -- rather than by acquiring more."